1. Who can benefit from AFI's microcredits?

Everyone who, because of the financial and social situation, cannot take bank loans in order to start or expand a small independent enterprise and who meets the financing criteria.

2. I have a business idea, but I don’t have a business plan. What can AFI do for me?

No problem, AFI and our qualified volunteers will help you make it. But we suggest you come prepared, because that way the procedure will last less time. Preparation means that you should do analysis of the projected revenues and expenses accompanied by a good market research for the prices of the product/service you provide, as well as for the prices of the raw materials/equipment etc you will need.

3. How much long does the procedure from my inquiry form to the approval of my financing take?

The answer largely depends on you and on the preparation stage of your business idea. The procedure until the loan’s disbursement could take from 2 weeks to little more than a month.

4. I would like to become a volunteer. What knowledge/qualifications should I have?

AFI needs very experienced volunteers who have the knowledge required for the establishment and operation of a new or existing company: how do I establish a company, which are the different legal forms and which are the benefits of each one, preparation of a business plan, projections of sales, expenses and cash flows, legal advice, accounting/tax advice.

5. My business activity is in the province. Can I take a loan?

You can benefit if you are in Athens or in the suburbs, and these are defined within a 1-hour drive. As the success of AFI’s program depends on the personalized, direct and regular contact with you, we must be able, with our existing resources, to regularly visit the entrepreneurs we support.

6. Why is the interest rate so high despite the fact that the organization is non-profit?

The interest rate is aligned with that of other microfinance organizations around the world. Furthermore, AFI’s sturdy operation as non-profit organization, with a social purpose, requires resources in order to be able to support with free-of-charge advisory services the funded companies.

In every case, the interest rate is calculated on loan amounts that do not exceed 10,000 euros, meaning that the gross interest is manageable. In the most expensive example, of a loan of 10,000 euros with repayment in 48 months and with 6-month grace period, the monthly borrowing cost for the entrepreneur does not exceed 40 euros.

7. Why do you work with a bank and don’t you give the microloans by yourselves?

AFI is a Non-Profit Company and under the Greek Banking Law (3601/2007) it has to cooperate with financial institutions in order to be able to disburse, grant loans and finance enterprises.

8. If I face difficulties in repaying my microloan, what should I do?

Our advice is to avoid having unpaid installments. If you feel that you cannot pay an installment on its due date, you should contact your advisor the soonest possible so that you can find together the best solution.